Boyd Gaming Co. (BYD) CEO Keith Smith Sells 100,000 Shares
Boyd Gaming Co. (NYSE:BYD) CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $29.41, for a total value of $2,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,339,355 shares in the company, valued at $39,390,430.55. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Shares of BYD stock opened at $28.38 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 3.45. Boyd Gaming Co. has a fifty-two week low of $18.98 and a fifty-two week high of $39.35. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 0.76 and a beta of 2.13.
Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, February 21st. The company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $791.60 million for the quarter, compared to analyst estimates of $774.43 million. Boyd Gaming had a return on equity of 13.41% and a net margin of 4.38%. The business’s revenue was up 33.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 EPS. Equities research analysts expect that Boyd Gaming Co. will post 1.8 earnings per share for the current fiscal year.
Boyd Gaming announced that its board has initiated a stock repurchase program on Wednesday, December 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Several research analysts have weighed in on the company. Morgan Stanley set a $33.00 target price on Boyd Gaming and gave the stock a “buy” rating in a research report on Friday, February 22nd. Stifel Nicolaus raised Boyd Gaming from a “hold” rating to a “buy” rating and dropped their target price for the stock from $37.00 to $33.00 in a research report on Friday, January 11th. ValuEngine raised Boyd Gaming from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. TheStreet lowered Boyd Gaming from a “b” rating to a “c+” rating in a research report on Monday, November 26th. Finally, Zacks Investment Research lowered Boyd Gaming from a “buy” rating to a “hold” rating in a research report on Thursday, January 3rd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Boyd Gaming currently has a consensus rating of “Buy” and a consensus target price of $34.75.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Norges Bank bought a new stake in shares of Boyd Gaming during the 4th quarter worth about $19,594,000. Millennium Management LLC boosted its stake in shares of Boyd Gaming by 107.7% during the 4th quarter. Millennium Management LLC now owns 1,708,895 shares of the company’s stock worth $35,511,000 after acquiring an additional 886,019 shares in the last quarter. FMR LLC boosted its stake in shares of Boyd Gaming by 15.1% during the 4th quarter. FMR LLC now owns 5,983,356 shares of the company’s stock worth $124,334,000 after acquiring an additional 783,983 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Boyd Gaming by 1,978.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 671,007 shares of the company’s stock worth $32,000 after acquiring an additional 638,716 shares in the last quarter. Finally, Valinor Management L.P. boosted its stake in shares of Boyd Gaming by 24.7% during the 3rd quarter. Valinor Management L.P. now owns 2,555,300 shares of the company’s stock worth $86,497,000 after acquiring an additional 505,600 shares in the last quarter. Institutional investors own 70.75% of the company’s stock.
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About Boyd Gaming
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2018, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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